NTES - Alibaba surges 11% on back of China optimism after Beijing approves more video games

Alibaba (NYSE:BABA) shares surged on Wednesday, along with large gains in JD.com (NASDAQ:JD) and Pinduoduo (NASDAQ:PDD), after China approved the second group of domestic licenses for video games, further signs that Beijing is working to support its tech sector. Gains were led by Alibaba (BABA), which rose more than 11% in while JD.com (JD) gained more than 8% and Pinduoduo (PDD) tacked on nearly 9%.  Other Chinese tech stocks also rose, including Bilibili (BILI), Baidu (BIDU), NetEase (NTES), Tencent (OTCPK:TCEHY) and Kingsoft Cloud (KC), which surged 12% after it reported first-quarter results that topped expectations. According to the Tuesday report, neither NetEase (NTES) nor Tencent (OTCPK:TCEHY) had titles on the list of 60 games approved by China's National Press and Public Administration. In 2021, China put a halt on issuing new gaming licenses in an effort to put new time limits on how long minors spend playing games online. In recent weeks, China has worked to

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Alibaba surges 11% on back of China optimism after Beijing approves more video games